Nickel Export 2024: Market Surplus

Global Nickel Export Market Landscape

In global trade, Nickel is tracked under HS Code 7502, covering unwrought nickel, nickel powders, and other primary forms. As a critical industrial metal, it serves as a key input for stainless steel, batteries, and alloy production, making its trade flows highly sensitive to manufacturing demand and commodity cycles.

Strategic Insights

• Market Momentum: Global nickel exports faced a bearish 2024, with trade value declining from $304M in January to $119M by November, reflecting a market surplus of 150 kt. Oversupply pressured prices and volumes.
• Geographic Power: Supply is hyper-concentrated, with Russia (42.3% value share) and Indonesia (24.9%) dominating exports. Demand is bifurcated: China imports high-value refined nickel, while India absorbs bulk intermediate-grade material.
• Supply Chain Structure: The market is oligopolistic, with top suppliers controlling 97% of export value. Buyers face limited leverage, as bulk purchases are dominated by a few industrial giants (e.g., China, India) and processing hubs (Netherlands, Singapore).

Global Nickel Export Trend in 2024 Whole Year

Global Nickel exports navigated a year of significant market surplus, estimated at 150 kt, which influenced trade volumes and values [Commodity markets – Strategic Report].

• Aggregate Performance: Total observed export value across reported months reached approximately $1.89 billion, reflecting the market's dynamic adjustments to oversupply conditions.
• Period Dynamics: Trade commenced strongly at $304 million in January but concluded the observed period at $119 million in November, indicating a notable downward trajectory in value.

Table: Nickel Export Trend in 2024 Whole Year

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Nickel Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Russia dominates as the primary global supplier, commanding 42.3% of export value and 46.4% of export weight. This indicates overwhelming influence.
• Supply is highly consolidated. The top 3 exporters (Russia, Indonesia, Norway) hold 73.6% of total export value. The top 5 control 84.1%.
• Indonesia is the clear challenger, capturing 24.9% of export value. Norway and Canada follow distantly at 6.5% and 6.2% value share respectively.

Top Destination Countries & Consumption Markets

• China Mainland and India are the key buyers, together accounting for 62.97% of global import value (34.7% and 28.3% respectively).
• Demand is bifurcated: China's high value share (34.7%) relative to its quantity share (0.02%) points to imports of high-value refined nickel or products. India's massive quantity share (50.0%) but lower value per unit suggests significant imports of intermediate or lower-grade nickel for industrial processing.
• Netherlands and Singapore emerge as notable processing/re-export hubs, evidenced by their high import value (11.6% and 4.8%) despite very low quantity shares (0.18% and 0.03%).

Supply-Demand Dynamics

• Balance Assessment: Highly concentrated supply (led by Russia) meets demand dominated by two major buyers (China and India), with significant processing activity in hubs like Netherlands and Singapore.
• Geographic Trend: Nickel flows primarily from major resource holders (Russia, Indonesia, Canada, Norway) to large Asian industrial economies (China, India) and key European/Asian processing centers (Netherlands, Singapore).
• Key Takeaway: Pricing power resides firmly with the top exporters, particularly Russia, due to extreme supply concentration. Buyers face limited alternative sources.

Table: Global Nickel Export —— Top Destination Countries

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Table: Global Nickel Export —— Top origin Countries

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Global Nickel Export Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Highly Consolidated: Dominators (High Value/High Freq) hold 97.10% market value with only 74.36% shipment volume. Two suppliers drive most value.
• Operational Focus: High-Frequency suppliers (Dominators + Retail/JIT) account for 86.71% of shipments. Supply relies on steady, frequent operations.
• Buyer Implication: High reliance on few dominant players. Risk of supply concentration; limited negotiation leverage for buyers against giants. Diverse smaller suppliers exist but control minimal value share.

Oversea Buyers Procurement Patterns

• Procurement Split: Dominators (High Value/High Freq) favor frequent restocks (68.14% shipments, 55.70% value). Bulk Movers (High Value/Low Freq) drive massive, infrequent purchases (6.41% shipments, 43.52% value), indicating strategic stockpiling.
• Market Tier: Dominant buyers (Dominators + Bulk Movers) control 99.22% of import value. Bulk Movers handle 61.14% of the weight, signaling major industrial consumers. A long tail of smaller buyers (Retail/JIT + Niche) exists but handles minimal value.

Market Entry & Negotiation Strategy

• New Buyer Strategy: Target Dominator suppliers for stable supply; accept potential long-term contracts and reduced price flexibility. Explore Retail/JIT suppliers for smaller, flexible orders if Dominator access is limited. Bulk Movers are key for large spot purchases but require readiness for infrequent, high-volume deals.
• New Supplier Strategy: Break into the Dominator tier requires massive capacity. Focus on securing contracts with Bulk Mover buyers for large, project-based volumes. Serve Retail/JIT buyers to establish foothold with smaller, consistent orders.

Table: Global Nickel Export —— Top Buyers

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Table: Global Nickel Export —— Top Suppliers

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Frequently Asked Questions

What is the HS Code for Nickel?

HS Code 7502 covers unrefined nickel, nickel mattes, and other intermediate nickel products. This classification includes nickel oxides, sintered nickel oxides, and other forms used in metallurgical processes.

Which country is the largest exporter of Nickel in 2024 Whole Year?

Russia dominated global nickel exports in 2024, shipping over $1.68 billion worth of nickel products. This positions it as the primary supply leader, accounting for a significant share of worldwide nickel trade.

Who are the top importers of Nickel in 2024 Whole Year?

The largest markets were China Mainland ($1.28B), India ($1.04B), and the Netherlands ($425M). China and India represent major industrial consumption hubs, while the Netherlands acts as a key European logistics and processing center.

Who are the major suppliers and companies trading Nickel in 2024 Whole Year?

Leading suppliers included АО Кольская ГМК ($1.62B) and CNGR Ding Xing New Energy ($832M), while top buyers were Norilsk Nickel Metals Trading Shanghai ($884M) and CNGR Hong Kong Material Science ($475M). These companies drive bulk transactions across the supply chain.

Why do Nickel import rankings sometimes differ from export destination lists?

Trade asymmetries occur because export data reflects intended destinations (FOB value), while import data shows actual arrivals (CIF value). Discrepancies also arise from intermediary hubs, like Singapore or the Netherlands, where nickel is trans-shipped before reaching final consumers.

How to find reliable Nickel suppliers and exporters in 2024 Whole Year?

Access verified shipment records, bill of lading details, and active suppliers for HS Code 7502 using the yTrade database, which identifies partners in key regions like Russia – the top global exporter.